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20121222
20121230
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, we still have this bigger challenge out there of how are we going to fix the deficit and debt problem in this country? we know we have to make hard choices. we know the parties have to work together, and they've got to get to work on this as quickly as possible. >> maya, with the greatest of respect, it seems to me your logic is all over the place. it's very clear the nub of the discussion, the squealing that we have at the moment is whether or not to extend tax cuts. that is, in effect, saying we are going to balloon the deficit further. this is not a conversation about actually fixing the debt, is it? that's not what we're talking about at the moment. we're squealing over, let's keep the deficit big. you seem to be arguing that that's exactly what we should be doing. >> let me explain, because it is more complicated than often things are discussed in washington. the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, i
and services among consumers, they are chronically bad at creating a surplus between deficit regions. remember -- if that comes first, suddenly the money lender who later becomes a banker who later becomes wall street plays a hugely significant role in this process. the banker is the conduct of that -- conduit of that recycling mechanism. when they get an increase in proportion as the result of their mediation of that process. the banker is the same thing as a clothes maker. suddenly, there are two things that must have been. 1 -- society will demand that banks are not allowed to go to the wall. then bankers are affectively blanche, free money for themselves. and the whole mechanism breaks down in 2008. in the eurozone, we made a huge error in europe of binding together these economies. this is not the first time these things that happened. it happened in the united states of america. you have disparate economies in the united states of america that are bound together monetarily. what is it that keeps the united states together? you had a great expression in the 1930 -- you had a great depress
-class families that are already facing a real financial panic. >> warren buffett could pay off the deficit he wanted to. but it is to be that a deal will happen after january 1. does that make any difference? >> yes, it does. i think some of all this panic is a little bit overwrought. if they don't reach a deal in the next 22 hours or so, then we go into january, and the stakes get so much higher. as you said, people will start feeling immediately the effect of those higher taxes. and that will put the pressure on the congress and president reach a deal. if they don't reach a deal on december 31, which is my prediction, i believe sometime before the end of january, they will reach a deal. but my goodness. one of the things that is frustrating is we have known this day was coming for the last two years. yet here we are, 72 hours away and we don't have a resolution. gregg: this is a contrivance that they are desperately trying to fix. our member the president said in a debate, the debate, he said that i didn't come up with this. then bob woodward came out and said, yes, you did. you know, both
's the longer term federal deficit and then the shorter term impact on the economy. we'll have that first, right? the markets will go down and economic confidence will continue to slide. money will be taken out of the economy. so there's an economic impact right now. why should they deal with this crisis when the bigger crisis they couldn't come together tlen. sorry starbucks. they didn't come together before either. what do you do about deficits? the truth is doing nothing at this point is the best impact they can have on deficits, because taxes will go up, spending will go down. that's the point of this deal. so to come to your point, yeah, i guess they could suddenly hug each other and do had this dance, but the reality is there are a lot of people who think, what we are dealing with is deficits because the budget looks better and we'll deal with the economy some other way. >> doing nothing is what they do best. mike, before we let you go, ed mackey malden running for the united states senate in massachusetts. >> he's never run statewide. do you agree with this? i think scott brown is smiling
and deficit reduction. that is an achievable goal. >> today's meeting is the first with the president since november 16. sign for republicans that mr. obama has not really been pushing that hard for a deal. >> we need presidential leadership on in the just taxing rich people. >> three words the president did not use. he did not use the word sequester and he didn't say "debt ceiling" either. he focused most of his remarx on preventing taxes from going up. there are also massive spending cuts coming. no idea how they will avert that. he also did not mention the debt ceiling. earlier they wanted lifting the debt ceiling included. now it's clear it's not in the short-term package that guarantees if they get a short-term deal here, we have major budget battles coming. >> the key to any good negotiation each side has to give up something. near and dear to their heart. what is it, as succinctly as you imagine, both sides have given up? >> both sides say the president started on threshold of tax cut of $250,000. negotiations with boehner he moved to $400,000. not if you have for boehner. he wanted
of both parties to try to forge an agreement that would grow our economy and shrink the deficit, a balanced plan that would cut spending in a responsible way but also ask wealthy americans to pay more and protect our middle-class and everyone striving to get into the middle class. i want to get this done. it is the right thing to do for our families, businesses, and our economy, but the hour for immediate action is here. it is now. we are at the point where in four days every american's tax rates are scheduled to go up by law. every americans' paychecks will get considerably smaller. that would be the wrong thing to do for our economy, it would be bad for middle-class families, and it would be bad for businesses that depend on family spending. congress can prevent it if they act right now. i just had a good and constructive discussion here at the white house with leadership about how to prevent the tax hike on the middle class. we may reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak, but if an agreemen
Search Results 0 to 5 of about 6